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CNBC
Mar 22, 2013 3:00pm EDT
-case situation. you know, if the company is doing fine, there's no governance issues, you don't have a problem. if you've got a problem, it's time to separate the two. >> exactly. >> by the way, i forgot to wish you happy world water day. >> oh, thank you so much. and to you as well. >> thank you so much. no one has the day off, there are no hallmark cards for this day, but this is an opportunity to look at companies that are looking to conserve water and make money doing it at the same time. >> yes, it is. and bertha coombs has the story of an oil man using water no one can ever use again for fracking. bertha? >> that's right, maria. the drought in texas is now entering its third year and it's grown more severe as the water-intensive fracking boom has exploded in the lone star state. you can see the orange and the red, that's extreme drought in 90% of the state. now, a couple of oil and gas veterans think they've found a win-win solution. tiny alpha solutions is tapping into the one source of water that is growing in texas, municipal waste water. they've contracted to buy the effluent
CNBC
Mar 18, 2013 3:00pm EDT
to rescue those banks. but to get it, the government must tax individual deposits held by banks in cyprus. that's the hot button issue. that pushed some citizens to run to bank branches and withdraw as much of their money as possible before those banks were closed. >> joining us right now with insights on this developing story is former u.s. treasury secretary lawrence summers. nice to see you again. thanks for joining us. >> good to see you, maria. >> let me ask you first your read on this. i guess the ultimate question is, you know, how likely is what's happening in cyprus happening -- likely to happen in the united states? but, first, are you surprised by this? characterize how you see this situation in cyprus playing out. >> look, this was a tactical blunder alongside a strategy adrift. the things in europe have gotten better in the last six months. but europe was not out of the woods. there's still much that has to be done both in terms of reform on the financial side and in terms of assuring that there's demand there as austerity is imposed in the debtor countries. that was n
CNBC
Mar 21, 2013 3:00pm EDT
industries traded on the floor of the stock exchange here. our biggest competitor are governments that operate airlines. and the second thing is our government needs to solve the sequester problem. >> got it. well, it's interesting that you bring this up, because this is obvious the issue that's front and center for so many corporations out there, that this dysfunction in washington. but in terms of your own investing, we talked off-camera a moment ago. you bought into a mexican company. where around the world, aside from the united states, are you seeing growth and where are you investing your money? >> we have big investments in mexico. we're an owner in aeromexico and have an exclusive partnership with them. mexico is a wonderful place to do business. balanced budgets, strong gdp, low unemployment. the second place is gal airlines in brazil, the largest domestic carrier in brazil. and we're in the process of buying 49% of virgin atlantic airways, to form a giant venture across the transatlantic. >> good to have you on the program. >> you're nice to have me. appreciate it very m
CNBC
Mar 26, 2013 3:00pm EDT
government. i have a lot of concerns as we see these positive indicators going higher, the economy starts to come back a little bit more and a little bit more, that then congress is going to think that they have a free pass to start spending again. and that will be disastrous for the market and the economy. >> so you're more concerned about fiscal policy than monetary policy right now, is that what you're saying? >> i'm most concerned about legislative policy, then fiscal policy, then monetary policy. >> bill, you mentioned that it's been almost two weeks now that the stock market's been so close to making a new all-time high on the s&p 500, just can't do it. i think it's interesting, at the same time, the yield curve is starting to flatten out, just a little bit. these are indicators that maybe this is time for a top year. we might be on the cusp of another one of those -- >> explain, paul, what it means when the yield curve flattens out. why is that substantiaignifican? >> over the long-term, the flat of the yield curve eventually gets inverted, the more likely we'll have an economic di
CNBC
Mar 25, 2013 3:00pm EDT
. ireland, the government of ireland did not want to bail out senior bondholders and banks. but the european central bank insisted that they do so. they were apoplectic about that idea. today they wiped out the senior bondholders. not just senior bondholders. european investors and investors in europe should be on notice as of today that you have to be more careful when you're investing in european banks and you should have known that long before the dutch finance minister said what he said today. now, here's why the cyprus situation is unique. that's when it comes to punishing uninsured depositors. cyprus's banking system is huge relative to the size of its economy. their banks are almost all entirely deposits. at least the two ones that were failing. most of the other banks in europe have a lot more junior and senior debt. big fat cushions that sit between potential losses and uninsured depositors. so the likelihood of this particular situation happening again? highly unlikely. but you're going to have to be more careful. that's the bottom line. bill? >> michelle, the question we'
CNBC
Mar 20, 2013 3:00pm EDT
insured deposits. and during the crisis, the response of the government was, in fact, to increase the level of, you know, deposit or account sizes that were insured. so i consider that to be extremely unlikely in the united states. >> tom lee, "l.a. times." would you be in favor of reducing the flow of stimulus if we had another month or two, as we did in february, of job growth and the unemployment rate dropping, but the long-term unemployed didn't change much? and on a related question, how much of a pickup do you expect to see in the labor force participation rate and what would we need to see there for that to show substantial improvement? >> on the first question, as i said, i mean, that's a decision for the committee. we're going to have to make a judgment about how significant the improvement is, how sustained it is. long-term unemployment is one dimension of the unemployment problem. but, i think that probably the best way to get the long-term unemployed back to work is to get an overall strong labor market. and i think that's -- we'd be looking at the overall key indicators,
CNBC
Mar 22, 2013 4:00pm EDT
convenience. going there takes away the sales tax revenue that governments have been relying on for years and years and years. and we as brick and mortar merchants are still required to collect that. so, really, like i said, it comes down to a matter of fairness for the collection. >> but you're going to get more revenue through more sales and in turn, you're going to get more taxation that way, by the money going into the economy. so the reason why people are going on the internet is for the tax reason and the competitive pricing. so all you're going to do here is hamper sales and the best thing going. 6% of the world right now is ecommerce, with the whole tech eco system growing, with smartphones, with tablets, it's going to continue to grow. that money will trickle down into the economy. you're going to kill it this way. >> it doesn't -- >> the truth is, let me push back on you as well, because is it really fair that if i go into a store i'm paying tax and if i do it online, i'm not? >> it's okay, because the local brick and mortar store is getting the tax benefit of that state.
CNBC
Mar 19, 2013 4:00pm EDT
government and the country's corporations. so what, then, for cyprus? well, bank sources i spoke to said u.s. financial giants didn't do business with cypriot banks or corporations if there's any counterparty trading risk. it would likely be negligible, unless, maria, the ripple effects from what we're seeing over there tend to widen. >> all right, kayla, thanks very much. we'll be watching that, obviously. what's ahead for cyprus right now? we are right now joined by george theocoritus. good to see you. we have, george, the professor of finance at cyprus international institute of management. he'll be joining us shortly, and peter kekyanus is the chairman of the cyprus chamber of commerce. i guess it's interesting that we see this plan unveiled on monday and it really creates a market upset. are you surprised at all that parliament rejected this depositor tax? >> not at all. i mean, when you -- >> it's crazy. >> it's more than that. i think there's something more being done here and said. not necessarily verbally, but if you look at, it started friday. effectively, the banks have been c
CNBC
Mar 18, 2013 4:00pm EDT
first place. that's a big problem. government should not insure bank deposits. it's a tremendous moral hazard. one of the main reasons the banks make reckless loans. depositors don't care what the banks do with their money because the government's there. >> that's one of the guardrails to oversee these banks. >> but we don't need it. we didn't always have it. and there are other nations that don't have any deposit insurance and their banking system is much sounder than ours. >> they're asking depositors to pay for the bailout. >> no, no, no, no. there are no bailouts in those country. the countries that don't have deposit insurance have a healthier banking system. because we have this deposit insurance, american depositors don't care how reckless their banks are. the banks don't care because the depositors don't care. it's a terrible system. eventually it's going to implode. people who have money on deposit in u.s. banks are going to take huge losses one way or another. either they're going to lose their deposits, or their deposits are going to lose value because of all the infla
FOX Business
Mar 19, 2013 3:00pm EDT
, corporate espionage. cheryl: do you get a sense the u.s. government is the group best to fight cyber security, or is it companies like yours? private companies but maybe this is a better way. speaker to be a combination of public and private. i don't think any country can do it alone and no single company can do it alone. cheryl: do you have a sense of what companies are most at risk? you're covering businesses, consumers as well, but you have a sense of which are the biggest targets right now for cyber attacks? >> it depends on who is attacking. if you're just after money, banks, obviously. if you're looking to disrupt things coming across to the energy sector. cheryl: the telecom association has blocked an effort to issue cyber security recommendations going back t the government section of this and how they can play into fighting cyber security. does that kind of tell you that we are further away than we want to be right now, sort of protecting the networks of ban banks, of government websites, etc.? >> there's a lot of focus of getting it, lots of politics involved, and the
FOX Business
Mar 26, 2013 3:00pm EDT
general sense of anger and frustration with the eu, the monetary fund, even their own government and others with thanks opening thursday, if they open thursday. back to you. liz: i would be part outside of the bank. are you expecting long lines? you and the producer had not even slept through all of this. this is what worries me, there will be long lines at every atm, every bank, there could be problems. rich: exactly. we don't get the plan we had set for today, applying that to thursday because all but two bands were supposed to be open today, now all banks are closed so we will be their couple of hours for the banks to start opening on thursday morning and of course to the government doesn't do it before then. liz: thank you very much. we hit session highs, dow jones industrials up 110 points. checking again, less than two points away from a record high for the s&p. the closing bell, we got 60 minutes to go before it rings. we have a ratings rumble. today's target on fox business, best buy. despite falling today, shares have nearly doubled year to date. if the turnaround just begin
FOX Business
Mar 21, 2013 3:00pm EDT
federal government indicts raj raj rat name's brother for insider trading. happy birthday, twitter, turning seven today. twitter now has 200 million active users posting more than 400 million tweets per day. so in honor of the company, we wanted to show you some of our favorite business tweets as we head to break. ♪ ♪ [ female announcer ] from meing customer needs. to meeting patient needs... ♪ wireless is limitless. [ female announcer ] from finding the best way... ♪ to finding the best catch... ♪ wireless is limitless. a talking car. but i'll tell you whaimpresses me. a talking train. this ge locomotive can tell you exactly where it i what it's carrying, while using less el. delivering whatever t world needs, when it needs it. ♪ after all, what's the point f talng if you don't have something important to say ♪ ♪ cheryl: one of the reasons that he is in jail for insider trading is because the fed launched an investigation into his brother who six years later has also been charged for insider-trading. charlie gasparino has been following this story in as much more a
FOX Business
Mar 18, 2013 3:00pm EDT
of government employees organized the event which is just one of about 100 rallies taking place nationwide. amazon publishing is planning to speed up royalty payments to its authors. amazon sent a letter to literary agents saying it will start paying monthly royalties within 60 days of the end of each month every month. authors were typically being paid every three months. we continue our countdown to "co the closing bell" with cheryl casone. ♪ cheryl: shares of broad come are chipping, get it, higher or today after a new report. let's head back to nicole at the new york stock exchange. one pun, nicole, just one. >> reporter: right. well, this is a big deal here for broadcom, and we're going to take a look at several of the names in the industry. broadcom is up about a half of 1%. but there are some interesting reports out. so the new samsung galaxy which everybody is all hot on that the s4 uses a broadcom chip rather than an nxt part. this is according to nfc times, they confirmed it in a column. and what's interesting, they're saying that the broadcom chip is being used. the
CNBC
Mar 26, 2013 4:00pm EDT
you have the central government and the central bank as one. so that's very different from the euro zone. i think that's that's one of the crux of the issues. i think you're also going to see some issues not only from very large depositors holders, but also from very small depositors holders as well, wants to take cash out and worry about their t cans being frozen. >> but the big countries, the germanys, the france, the italy, the spains, it's not the same situation as it is in cyprus. the market is worried that the next shoe to drop is going to be one of those larger countries. but you're not making that argument. those countries do not have the same banking issue that cyprus has? >> well, i certainly wouldn't lump germany, france, and italy into the same boat by any means. i think that there are very different countries, talking about a large savings country and a deficit country, deficit countries with italy and france. i think, ultimately, yes, you will see the contagion. i think that is the risk of fractional reserve banking in general. and i think, ultimately, having a lot of
CNBC
Mar 25, 2013 4:00pm EDT
. we'd have a $30 trillion government debt. we'd have a $15 trillion balance sheet. if you want to bet on that, nathan, bet on that. i'm betting on 320 million people doing what people do as they age. they spend less money. the fed's going to only have to stimulate more and more. >> really. the american consumer is fabulous, harry. >> $2 trillion of stimulus, nathan. >> you could have a $2 trillion mortgage on your house if you can afford to pay the debt right now. you're not going to be going bankrupt any time soon. >> nathan, i want to talk to you five years from now. you are crazy. people in a bubble, they never see the bubble. they sit there and say it's fine until it bursts. >> harry, some day the star is going to super nova. if you predict it long enough, in 450 million years you're going to be right. you haven't had a prediction that hit yet. >> we've already had a crash. the government stopped it. that didn't happen in history. let the government keep doing this. they will keep it going as long as they can. >> we didn't have it. >> they will fail. they will fail. i will mak
CNBC
Mar 20, 2013 4:00pm EDT
-jerk reaction out of oracle right now? >> i think we'll need to hear about what the government vertical did. clearly, we had the sequester late in the quarter. that could have had impact on numbers. it's about 10% of revenue. we'll be looking for some color there. hardware revenue has been disappointing. i think seven our the eight last quarters. that certainly weighed on total revenue. we're projecting growth to get to positive levels in q1. we'll certainly want to get an update there. and the license revenue is a bit of a miss as well. so we'll be looking for more color on the government side. >> go ahead, jon. >> something i do want to mention on epps, it's technically a 1 cent miss, avenue cents when the street was looking for 66 in non-gaap. through there is a currency impact. oracle saying that constant currency, it would have been 66 cents. but, again, many analysts have factored some currency in to their 66 cent estimate. so i'm not sure how much of that matters. >> well, i think that's a good point, jon. but i guess what ai'm focused o is revenue. >> yeah, particularly new lice
CNBC
Mar 21, 2013 4:00pm EDT
? >> well, look, it's absolutely critical that whatever plan the cyprus government comes up, that it basically polices the european central bank enough that they do not cut off the vital funding that the banks in cyprus need. if that were to happen, then you would take the crisis in that country up to a new level, and i think that starts to surface again, all the sort of problems that have moved to the back of investor's minds. let's face it, cyprus isn't about cyprus. it's about whether bank runs on cyrus spread to bank runs in italy and spain. if they can contain that crisis, that can stay sort of on the back burner. i think investors need to be aware that one of the reasons the market's rally has been so powerful so far this year is because the world has seemed less risky than id dt did last year. china didn't have a hard landing. as we see some of those risks start to perhaps rise again, that might be cause for a little bit of pullback and a reduction in risk appetite. >> we will leave it there. gentleman, thank you very much. heather, guys, we'll see you soon. appreciate your ti
FOX Business
Mar 20, 2013 3:00pm EDT
trend is your friend if the money is coming into the market and investors in the government keeps investing in the market, then investors will get back on board and put their money back in year. like mike said before, where will the money go? it has to come back to this equimark. we are seeing in close. as you continue to get through earnings season, alick is been pretty solid. earnings reports been pretty solid. at think that the feel good story, it continues to be. yes, there are still things that can derail the market. middle east prices, if what happens in cyprus can spread to other places. there are other headlines out there that can hurt us. our unemployment number moving in the wrong direction. time will tell, but as for now we have built a series basin foundation. cheryl: thank you very much. reaction from the floor of the new york stock exchange. we will begin their 28 minutes from now when the bell will ring. nice market. positive reaction to what we have heard now from fed chairman ben bernanke. coming up, we will be talking with one of our favorite fed insiders. willia
Search Results 0 to 17 of about 18